Writing a Will
A Will should be current, which is regularly re-visited to take account of changes in family circumstances and tax laws. The document should identify your beneficiaries, detail any chosen guardianship for minors and appoint executors to ensure that your wishes are dealt with efficiently and considerately.
Before you write your Will it's a good idea to think about what you want included in your Will. You should consider:
- how much money and what property and possessions you have
- who you want to benefit from your Will
- at what age you want any children to inherit. It's usually when they reach 18, 21 or 25.
- who should look after any children under 18 years of age
- who is going to sort out your estate and carry out your wishes after your death - that is your executor
An executor is the person responsible with passing on your estate. You can appoint an executor by naming them in your will.
Excluding someone from your Will
To protect your estate from being contested by a relative or someone who may be able to prove financial dependency it is important that you exclude them from your Will.
This needs to be completed by having a specific exclusion clause in your Will and, by writing a short letter in your own hand writing giving your explanation of the exclusion, to be stored with your Will.
There a number of reasons you may choose to specifically exclude someone, perhaps an ex-partner or ex-spouse where a financial settlement has already been reached in the past or possibly a child or relative who has chosen not to maintain contact.
Not all specific exclusions are for negative reasons, sometimes a share of an estate may actually be given prior to death or a family member may already be financially independent and you may feel that another is a more needy beneficiary.
Reviewing a Will
We recommend that you review your Will and estate planning arrangements every two to three years or immediately if there is a major change in circumstances such as listed below.
It is possible to change your Will whenever you choose to do so. This may be by making a completely new Will which replaces any previous Will, or if the alterations are straightforward, by signing a "Codicil", which is a document to go alongside your Will, detailing the changes you wish to make.
You should at the very least review your Will if any of the following circumstances apply:
- if you marry or re-marry, as marriage automatically makes your Will void unless it states that it was made in the expectation of that particular marriage.
- if you divorce.
- there is a death in the family.
- there is a change in your financial circumstances or receive a legacy.
- when you buy or sell property.